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BofA unloads First Republic for $1 billion

Posted Oct 21st 2009 5:00PM by Tom Taulli (RSS feed)
Filed under: Bank of America (BAC)

There was no secret that Bank of America Corp. (NYSE: BAC) wanted to sell First Republic.

And so today the deal was announced: BofA got more than $1 billion from a consortium of private equity operators. They include General Atlantic LLC and Colony Capital.

Continue reading BofA unloads First Republic for $1 billion

Merrill takes the high road, buys First Republic

Posted Jan 29th 2007 4:45PM by Joseph Lazzaro (RSS feed)
Filed under: International Markets, Deals,

Merrill Lynch & Co., Inc. (NYSE:MER) announced Monday a deal to buy First Republic Bank (NYSE:FRC) for $1.8 billion, or for about $55 per share.

Merrill said the deal would enhance its private client organization and grow its high net worth business. First Republic's clients have an average net worth of $20 million.

Typically, the acquirer's stock dips, and the acquired company's stock rises toward the offer price
after a deal is announced, and that was the case Monday: Merrill's shares dipped $1.91 to $92.65
and First Republic's surged $15.32 to $53.62 in afternoon trading.

Analysts were generally pleased by the deal. "It's a continuation of their [Merrill Lynch's] strategy to focus on their core business and either build or acquire whatever gives them the better return on their cost of capital," Steven Roukis, managing director at Matrix Asset Advisors, told Bloomberg News.